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Stock Market Today With Jim Cramer: Buy the AMD, Xilinx Deal

Jim Cramer discusses the latest stock market news including AMD's acquisition of Xilinx, 3M's earnings and other stock opportunities to buy in the market.

Stocks were mixed Tuesday following the S&P 500's biggest loss in a month.

The Dow fell 147 points, or 0.53%, to 27,537, the S&P 500 slipped 0.15% and the Nasdaq was up 0.5%.

Several tech giants are reporting earnings soon including Alphabet  (GOOGL) , Apple  (AAPL) , Amazon  (AMZN) , Facebook  (FB)  and Microsoft  (MSFT) .

TheStreet's Katherine Ross discussed breaking news in the stock market. Cramer spoke about AMD's acquisition of Xilinx, the impact of earnings on 3M's stock and other stock opportunities to buy in the market.

AMD: Buy Or Sell?

Advanced Micro Devices  (AMD)  agreed to buy rival Xilinx for $35 billion in stock on Tuesday. Chipmaker AMD also reported third-quarter earnings that beat analysts’ estimates.

Cramer said AMD needs to be in automotive, data centers, more of Internet of Things and more 5G. "That's what Xilinx brings. A lot of communications and communications is red hot. So after the sell pressure because this is a stock deal I think you'll find that AMD will stabilize."

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3M: Buy Or Sell?

3M  (MMM)  posted better-than-expected earnings and sales on Tuesday on surging sales of its health care products and equipment including respirators, as well as strong demand for consumer products like 3M stickies.

Cramer said this was a legitimate good quarter for 3M. "Preserved dividend 3.5, the stock is oversold. I thought that was a major mistake but the market that its stock had fallen all the way to $160."

Buy Boeing, Drug Stocks And AMD Today

Stocks were failing to make a strong comeback on Tuesday after posting their worst losses since early September on Monday.

Cramer said, "If Boeing  (BA)  keeps going down we'll buy more of it for Action Alerts, that'll change our paces. I like many of the drug stocks that have come down too much, they are pretty attractive. Even AMD is a buy, its come down because of the Xilinx deal which I think is a very good deal."

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